Lori Henderson runs a specialty ski clothing shop outside of Boone, North Carolina. She must place her order for ski parkas well in advance of ski season because the manufacturer produces them in the summer months. Brenda needs to determine whether to place a large, medium, or small order for parkas. The number sold will depend largely on whether the area receives a heavy, normal, or light amount of snow during the ski season. The following table summarizes the payoffs Brenda expects to receive under each scenario

Brenda estimates the probability of heavy, normal, and light snowfalls as 0.25, 0.6, and 0.15, respectively.
a. What decision should be made according to the maximax decision rule?
b. What decision should be made according to the maximin decision rule?
c. What decision should be made according to the minimax regret decision rule?
d. What decision should be made according to the EMV decision rule?
e. What decision should be made according to the EOL decision rule?

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Amount of Snow NormalLight Large Medium 10 8 4 8 mal Payoffs (in $1000s)